JSSD to save $185,468 in bond refinancing
JERSEY SHORE — The Jersey Shore Area School District will take advantage of current low interest rates and is set to save $185,468, by refinancing bonds from 2012 and 2015 after the recent approval by the school board of the proposed action.
Following a presentation by Jamie Doyle, managing director of PFM Financial Advisors LLC, the school board adopted a resolution authorizing the refinancing of four existing bonds with a general obligation loan from Key Government Finance. The company had offered an interest rate of 0.8 percent, fixed through maturity, with no bank fees. The bonds that were refinanced had a principal of $8,069,000.
With the time for formulating budgets in progress, the board also heard an analysis of the budget process of the general revenue fund for the 2021-22 budget by Ben Enders, district business manager. Enders prefaced his presentation with the fact that he had not included a dollar amount update for the budget which he said he will present at the next board meeting on April 26.
Enders listed the following sources of revenue budgeted for 2021-22: local sources, $18,533,519; state sources, $23,447,806; federal sources, $782,917 and other sources, $5,000. He told board members that he will have a summary of projected expenditures for the next meeting.
Under personnel items the board voted on the following winter sport head coaches for the 2021-22 school year individually: David Herman, wrestling, approved 7-2, ; Scott Munro, boys’ basketball, approved 8-1; and Darrin Bischof, girls’ basketball; Jonathan Palumbo, swimming; and Bernice Hale, cheerleading, all approved 9-0. Voting no on Herman were Craig Allen and Harry Brungard. Voting yes were: David Becker, Patrice Doebler, Angela Grant, Wayne Kinley, Michelle Stemler and Mary Thomas. Brungard was the lone no vote on Munro.
They also approved hiring Wayne Smith as a bus driver for Susquehann Transit.
The board accepted the resignation of Megan Havrilla, paraprofessional, effective April 16.
In other actions, the board approved:
— Disposal of high school resource/library books.
— A renewal agreement with PSBA policy maintenance program.
— An agreement with the Jersey Shore Teacher’s Association.
The next board meeting will be at 7 p.m. April 26.